Through fire and troubled waters
Independent central banks have never been so powerful. But how might increasing global economic integration affect that power?
“THERE have been three great inventions since the beginning of time: fire, the wheel and central banking,” Will Rogers, an American humorist, once quipped. Last week in Jackson Hole, Wyoming, the first and third of these great inventions did battle, and the central bankers won. Nearby forest fires did not prevent central bankers from around the world from gathering for the annual symposium of the Federal Reserve Bank of Kansas City.
This article appeared in the Finance & economics section of the print edition under the headline “Through fire and troubled waters”
From the September 2nd 2000 edition
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